1933 Industries Inc. (TGIFF)

[BlueGreenPower]

1933 Industries Announces Results of Extraordinary Meeting of Debentureholders

The amendments required an affirmative vote of at least 66 ?% of the principal amount of the debentures voted at the meeting. The total votes represented at the meeting accounted for only 18.7% of the outstanding debentures. The Company believes that with a stronger voter turnout, all the proposed amendments would have been accepted by Debentureholders. The Board of Directors had unanimously recommended that Debentureholders vote in favour of each of the amendments as it believes they are in the best interest of its shareholders. The Board of Directors is currently considering further options and will advise shortly.

https://finance.yahoo.com/news/1933-industries-announces-results-extraordinary-200500483.html

If the burdensome 66% majority requirement was changed to a simple majority the proposal would have passed. This needs to be changed for future votes. Now a company seemingly on the verge of profitability is being distracted by only $4 million worth of debentures. Thankfully Paul has gotten the debenture debt down to the relatively manageable level. Now is the time for debenture holders to get behind the company for the final push to profitability. To me the value of 1933 is in the people and the products they produce more than the machinery. Fingers crossed for the best possible outcome. imho glta